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Legal Framework
The legal framework governing company secretarial services is essential for ensuring that businesses adhere to statutory requirements and regulations. The provisions and regulations vary depending on the type of company, and it's crucial to understand the specifics for each category.
Provisions by Company Type
Private Limited Company
- Complies with the Companies Act, 2013.
- Requires filing of annual returns and financial statements.
- Maintains registers for shareholders and directors.
Public Limited Company
- Adheres to stricter compliance under the Companies Act, 2013.
- Requires quarterly filings and annual audits.
- Governed by SEBI regulations for reporting.
Limited Liability Partnership (LLP)
- Complies with the Limited Liability Partnership Act, 2008.
- Requires filing of annual returns and income tax returns.
- Governed by the Ministry of Corporate Affairs (MCA).
One Person Company (OPC)
- Governed by the Companies Act, 2013.
- Can only have one shareholder and one director.
- Requires annual filing and compliance with tax regulations.
Why Is Legal Compliance Important?
Legal compliance ensures that companies are operating within the laws of the land and avoids penalties, fines, or even dissolution of the company. It helps in building trust with stakeholders, investors, and regulators. Regular compliance also ensures smooth business operations, reduces risks, and protects the company’s reputation.
Frequently Asked Questions
A company secretary ensures the company complies with all relevant statutory regulations. This includes managing regulatory filings, ensuring proper documentation, and advising on legal matters regarding company law, corporate governance, and more.
A company secretary ensures the company complies with all relevant statutory regulations. This includes managing regulatory filings, ensuring proper documentation, and advising on legal matters regarding company law, corporate governance, and more.
Depending on your company type (e.g., private limited, public limited, LLP), different legal provisions apply. A company secretary can guide you through the specific regulations applicable to your business type and ensure timely compliance with the law.
Depending on your company type (e.g., private limited, public limited, LLP), different legal provisions apply. A company secretary can guide you through the specific regulations applicable to your business type and ensure timely compliance with the law.